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How to buy foreign currency in India
Summary: The article explains how to buy foreign currency with a credit card, which can be a convenient and cost-effective option for travellers. It compares the methods of buying currency, and lists the benefits and drawbacks of using a credit card. It also gives some tips on how to choose the best credit card and vendor for buying foreign currency.
Every time there are talks of an upcoming trip, an essential concern pops up for international travellers: How to buy foreign currency? With a plethora of options available, the process can become overwhelming. You can check the features of IDFC FIRST Bank’s Forex card by clicking here. This is a multi-currency prepaid card that offers 14 currencies, competitive exchange rates, security features, and convenience.
This article aims to guide you through the process, especially if you are looking for foreign exchange in India and intend to buy foreign currency effortlessly.
How to buy foreign currency in India?
The first step on how to buy foreign currency in India is to check live exchange rates being offered by different forex providers online. Websites of major banks or independent forex brokers will display various rates of currencies. For instance, IDFC FIRST Bank provides Multi-Currency Forex Card that offers 14 currencies including USD (United States Dollar), EUR (Euro), GBP (Great Britain Pound), AUD (Australian Dollar), SGD (Singaporean Dollar), CAD (Canadian Dollar), JPY (Japanese Yen), CHF (Swiss Franc), NZD (New Zealand Dollar), NOK (Norwegian Kroner), HKD (Hong Kong Dollar), CNY (Chinese Yuan), ZAR South African Rand), and AED (Dubai Dirhams) against INR (Indian Rupee). Comparing rates across 3-4 sources helps find the most competitive exchange. Rates may fluctuate daily as per global market movement, so it's wise to check regularly before finalizing the purchase date.
Calculate foreign currency requirement
Based on travel destination, estimated expenses and itinerary, calculate the approximate amount of foreign currency needed. Allow for unplanned expenses and currency conversion charges while withdrawing from ATMs overseas. Having some surplus is preferable to running short. Calculate requirements in the primary travel currency as well as any secondary local currencies if visiting multiple countries. You can make use of IDFC FIRST Bank’s Forex calculator to understand the equivalent INR amount needed based on your preferred foreign currency.
Redeem/Encash currency cards instantaneously
Some forex vendors also offer currency stored value cards that can be instantly reloaded within the online wallet for convenient withdrawal overseas. Forex Card is a prepaid card which workslike a debit cardat ATM/PoS abroad. Fundsreload and usage options provide flexibility depending on travel patterns.
Why opt for IDFC FIRST Bank’s Forex multi-currency prepaid card?
Here are some of the features that you can access with IDFC FIRST Bank’s Forex multi-currency prepaid card:
- With your Forex prepaid card, you can transact in any currency around the world. The amount would get debited from your currency wallet or any other currency wallet in case there are insufficient funds in the requested currency.
- You can get free comprehensive travel insurance with your Forex prepaid card.
- Your card kit will come with a free replacement card along with a primary card. In case the primary card is misplaced or damaged, you can easily activate the replacement card provided.
- You can access ATMs across the world with a single ATM PIN for all currencies.
- You can get emergency travel assistance as well as cash support.
- You can get a free refund on your return to India. IDFC FIRST Bank offers encashment of the unutilized balance on the card. Simply keep the balance on your card until requesting for your refund.
- IDFC FIRST Bank offers a 24*7 helpline and assistance service to solve any of your queries/concerns.
- Your Forex prepaid card is accepted at millions of VISA merchant establishments and ecommerce websites all over the world (except India, Nepal, & Bhutan).
Buying foreign currency is easy and convenient with IDFC FIRST Bank’s Forex Card. This is a multi-currency prepaid card that offers 14 currencies, competitive exchange rates, security features, and convenience. You can buy forex with IDFC FIRST Bank’s Forex Card by visiting your nearest IDFC FIRST Bank branchSo what are you waiting for? Apply for your Forex Card today and enjoy a hassle-free travel experience.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.